“We are taking external funding to increase flexibility and optionality as we expand on our core strategic focus areas,” said Verily CEO Andrew Conrad, in the statement. The new investors will prepare the company to “execute as healthcare continues the shift towards evidence generation and value-based reimbursement models,” he said.

Verily, formerly known as Google Life Sciences, has a number of partnerships across the health and life sciences sector in areas ranging from diabetes management to surgical robotics. The company often provides the technical talent, while its counterparts in health care bring in expertise on clinical research and regulation. Partners include Johnson & Johnson, Dexcom and Walgreens.

Silver Lake’s Egon Durban said in the statement that Verily’s “unique capabilities, world-class partnerships and bold vision are enabling the company to tackle the most significant problems impacting global healthcare.”

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